Manalapan is a small town in South Florida with a population of just over 400 people, about 70 lots, and never much else. Most people, even some who live in nearby Miami, have never heard of it.
But amongst insiders — including Billy Joel and Tony Robbins — interest in moving to Manalapan has skyrocketed because the COVID-19 pandemic, local real estate agents and residents say. Unlike those moving to other parts of Florida, recent Manalapan residents are way more prone to turn into billionaires because the town offers sprawling oceanfront estates, relative privacy and inflated asking prices.
Real estate is currently listed for as much as $80 million The median price is $16.8 million, but the standard home value was about $4.3 million in April, based on Zillow, making Manalapan one of the expensive places to live within the country.
“This is largely due to the influx of people moving to Florida for tax reasons – many have relocated their businesses here,” says Nick Malinosky, an actual estate agent with the Exclusive Group at Douglas Elliman.
For the worth, buyers get what local resident and former Manalapan Mayor Stewart Satter calls “a magical little oasis.” The properties are situated between the Atlantic Ocean and the Intracoastal Waterway, with generous lot sizes and a quiet that attracts residents away from nearby Palm Beach. The town, Malinosky notes, is “in the middle of the action” — not only near Palm Beach, but additionally Delray and Boca Raton. And it has its own police and fire stations.
“The police know every resident,” says Robert Burrage, a neighborhood construction employee who has worked in the world for 17 years. “If your gate is open after dark, the police will call to make sure everything is OK. It’s a very affluent but picturesque place.”
Daniel Petroni Courtesy of The Exclusive Group
Although it is simple to travel to nearby towns with restaurants, shopping and nightlife, Manalapan itself is away from the hustle and bustle of the Miami area. And that privacy has made it attractive to residents looking for a slower pace and fewer traffic, including billionaire and Oracle co-founder Larry Ellison, who recently shelled out a staggering $173 million to purchase a property in Manalapan—the largest residential property sale within the state’s history. The property features 33 bedrooms, 34 bathrooms, a guest house, two cottages, a bird sanctuary, tennis courts, a PGA standard golf course and several other tunnels under the road connecting the 2 parts of the property.
Tunnels are a vital a part of life in Manalapan: Many residents have built them under State Highway A1A, which cuts through much of the town. The tunnels – painted with murals or in some cases used as art galleries – connect the homes to the ocean, making it easier to get from one a part of the property to a different. (They are usually not without controversy, as their construction close the general public road for days.) “People freak out when you say you have a tunnel,” says Satter.
Another draw to Manalapan is, in fact, its natural beauty. Many properties have private docks for launching boats, and residents enjoy secluded beaches where sea turtles nest and manatees swim. Homes are either oceanfront with access to the Intracoastal Waterway, or vice versa. Those who do not have a house directly on the ocean are allowed to construct 1,500-square-foot beach houses to compensate.
“You get the best of both worlds – it’s absolutely unique,” adds Malinosky.
Daniel Petroni Courtesy of The Exclusive Group
Satter’s experience in the world is an example of how much the world has modified lately. In 2004, the investor bought 4 properties in Manalapan for a complete of around $20 million. He a single piece of land sold for $40 million Early 2022. Earlier this 12 months, he bought a 1989 mansion for $28 million, which he plans to tear down and renovate into something more modern (perhaps with a pickleball court).
Reconstruction is common in Manalapan, one other draw for wealthy residents who don’t love to listen to the word “no.” Burrage says the town is way more open to different architectural styles than other nearby enclaves of the super-rich.
“Manalapan is open to the houses that people want to build,” says Burrage. “I have experienced very little resistance.”
And in fact, Florida’s lack of a state income tax is the icing on the cake, says Satter, who Adoption of a brand new law on financial disclosure within the state.
“People say I’m fed up with the weather, the high taxes, my kids are grown,” he says of his decision to maneuver south. “It’s an absolutely beautiful little community. It’s special.”
